Construction Proposal - PowerPoint PPT Presentation

Construction Proposal. Features. The proposal form is an offer and a promise to enter into a contract if selected A prepared proposal form is included in the bid documents Not using the prepared form results in disqualification. Features (cont.). The proposal form must include: the promise

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Project risks are related to the type of project and time of performance

Assume we have a commercial project (use the Walker Building on campus as an example) that is estimated to cost $4.0 million and as a project schedule of 30 months. Calculate the bond premium using the information in the following Tables

assume charge of and complete the contract. Surety may be able to get a lower price or be able to limit its exposure if the surety is in control. The surety is responsible for the total cost of completing the work, less the contract amount, even if the difference is higher than the face amount of the bond

Default Liability Example work. Owner secures a new contractor. The liability of the surety is limited to the face value of the bond

Suppose a 100% bond was issued on a $4,000,000 project. Shortly after the work began, the contractor went bankrupt and the owner called on the surety to complete the work. The following conditions existed: